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Coronavirus

Stimulus check: will there be a second round in May 2020?

The first round of stimulus check payments started being distributed by the Internal Revenue Services in April to help millions of Americans during the outbreak.

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Stimulus check: will there be a second round in May 2020?
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More than 80 million Americans have received their stimulus check payment of $1,200 from the Internal Revenue Services (IRS) to aid them financially through the coronavirus pandemic. This came after the government approved a $2 trillion relief package to counter the economic setbacks of the crisis.

The IRS started sending the $1,200 payments as early as mid-April and now, as we enter May, not everyone who is eligible has received their check, and not everyone who has received a check knows what it’s for. And remember, the deadline is very close.

You might have heard the payment called a 'recovery rebate', instead of a stimulus check. That’s because it’s technically a tax credit that is set to appear on the return you'll file for the 2020-21 tax year.

While tax returns are usually granted after you file your taxes, the government has brought forward the credit to curb the impact Covid-19 has inflicted on American businesses and incomes. These stimulus checks may help those who have lost their job - with some questioning their rights to stay at home - or are struggling financially in the face of lockdown. 

Will there be a second round in May?

It has become a common question if there will be a second round of stimulus checks in the month of May, as $1,200 might not cover the expenses for people who have lost their jobs or have faced additional financial obstacles in the past weeks.

Financial technology firm SimplyWise found that 63% of Americans will require a second stimulus check within the next three months to pay bills. Congress is working on a follow up to its first relief bill that should be completed by 4 May. With this information, the House could push to enact a second round of stimulus checks, or even a monthly payment system.

We could very well do a second round of direct payments,” President Donald Trump said while answering press questions earlier this month. “It is absolutely under serious consideration.”

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